weekly Oct. 9, 2014 orries GOP Volume 10, No. 37

Oct. 9, 2014
Volume 10, No. 37
weekly
Tips, Tactics and Strategy For POS And ATM Sales Success
SECURITY
EMV-Chip Technology
Won’t Scare Hackers
By By David Heun
The recent exploits of Signature Systems terminals, used by Jimmy John’s
restaurants and other clients, shows that
the point of sale remains a key target for
hackers. And the addition of EMV-chip
technology won’t frighten them away.
A stark reminder of that threat came
at the Black Hat conference in Las Vegas
in August, when researchers at U.K.based MWR InfoSecurity demonstrated
how to breach an EMV mobile card
reader to steal account data and the cardholder’s PIN.
That would allow hackers to create
a cloned card that they could use for
magnetic-stripe transactions at terminals
UNAFRAID Continued on page 19
Market Trends
Guest Column
p3
p9
Guest Column
p 11
News Briefs
p 13
News Briefs
p 15
People
p 17
Appointment Book
p 23
Ad Index
p 23
SUBSCRIBE
Choke Point Worries GOP Reps
By Kevin Wack
The House Oversight Committee, which
earlier this year admonished the Department of Justice for its tactics for combating
fraud in the payments system, has turned
its focus to the role of the Federal Trade
Commission in the ongoing crackdown.
The Republican-led committee is
reviewing documents that the FTC
provided in response to a panel inquir y,
according to a source familiar with the
matter. The committee’s chairman, Rep.
Darrell Issa, R-Calif., requested the
documents in a letter sent in late June.
Issa’s letter, which was also signed by
GOP Rep. Jim Jordan of Ohio, chairman
of the regulatory affairs subcommittee,
focused on the FTC’s interest in companies that process payments for merchants
suspected of defrauding consumers.
Specifically, Issa expressed concern
that authorities are punishing payment
processors instead of the businesses
committing the crime.
“The Committee is concerned that
Operation Choke Point and corresponding initiatives by collaborating agencies
impose wholly unreasonable burdens
on banks and payment processors, efCHOKE Continued on page 17
VALUE-ADDED
Vendors Seeking ISOs To Promote Services
By Ed McKinley
Inside
isoandagent.com |
REGULATION
follow us
ISOs and agents are perpetually seeking
of prepaid rechargeable cards, is using a
new value-added products and services
few ISOs for distribution and may take on
that can generate profit and foster differenmore, says Ben Katz, the company’s CEO.
tiation, and three possibilities have come
“We’re certainly interto light recently.
ested
in the opportunity to
Verifi wants more
Bluetooth To The Rescue
get
to
know more ISOs-ISOs to promote its CardOf Multi-Account Cards
Until now, the cards have been
and particularly moreholder Dispute Resolua product in search of a market.
upscale ISOs,” Katz said.
tion Network; Forte is
Page 7
The ISOs that are
searching for more ISOs
promoting the company’s
to sell its automated
wares to merchants approached the comclearing house and card services; and
pany about handling its products, he noted.
CARD.com may soon take on more ISOs
He would prefer to add ISOs to the
to promote its prepaid cards .
CARD.com, a three-year-old provider
VENDERS Continued on page 21
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OCTOBER 9, 2014
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ISO&AGENT
OCTOBER 9, 2014
3
Market Trends
Capital One’s New Wallet
Works With Apple Devices
FIS Completes Purchase
Of Processor Clear2Pay
Wells Fargo Joins The List
Of Amex OptBlue Acquirers
Capital One’s new Capital One Wallet is
a cardholder app for Apple’s devices that
uses an Android-like pattern-recognition
feature for authentication.
The card issuer launched the app on iOS
in September and plans an Android version
“soon,” according to the bank’s website.
The app will give consumers information on Apple Pay transactions, according to
TechCrunch. The app also shows balances,
rewards and contact info for businesses.
Users unlock the wallet through SureSwipe, which mimics the pattern-tracing
login method used on Android phones, and
doesn’t require users to key in information.
To use SureSwipe, consumers establish
patterns with the institution, and pre-existing patterns used for Capital One’s primary
mobile app work with the wallet. ■
Banking and payment technology provider
FIS has completed its acquisition of payment processor Clear2Pay, a transaction it
started early last month.
The purchase brings FIS new high-value and cross-currency corporate payments
and managed services, the vendor said.
“This acquisition is another example of
FIS’ commitment to delivering a truly modern payments environment to our clients,
particularly large and global financial institutions,” said Gary Norcross, FIS president
and chief operating officer, in a release.
Speculation about a potential sale of
Clear2Pay began late last year when
Acquiline Holdings LLC made public its
intention to sell the company. StreetInsider.com reported that FIS was paid 375
million euros (U.S. $473 million). ■
Wells Fargo Bank NA has joined a growing list of acquirers using an American
Express program designed to help smaller
merchants accept Amex cards.
The OptBlue program enables acquirers to establish competitive pricing for
merchants with a projected Amex charge
volume of less than $1 million per year.
After months of testing, Amex introduced
the program in May, landing JetPay Payment Services as an early acquirer.
That month, Amex also brought Vantiv, Global Payments, Heartland Payment
Systems, Worldpay and Transfirst into
the OptBlue fold.
Wells Fargo can now provide the benefits of a single statement, one settlement
process, and one contact for all the card
brands to its merchants, Amex said. ■
4
ISO&AGENT
OCTOBER 9, 2014
ISO&AGENT
OCTOBER 9, 2014
LOYALTY
Kids’ Financial Literacy Schemes Move Offline
Payment companies are building mobile
loyalty and financial literacy programs for
today’s digitally-savvy kids, but they’re
discovering they still need a physical presence for redemption.
“FamDoo meets kids were they live
today—on their mobile devices—creating
a way to bring families together through
technology,” said Mark Lacek, CEO of
FamDoo LLC.
FamDoo, which was launched in January and has several thousand users, is a
web and mobile app that enables parents
to add a chore, track their child’s completion of the chore and then reward their
child with FamDoo Points.
After using the app to track chores,
kids can use the points they earn to make
an online purchase with the company’s retail partners, including iTunes, Best Buy,
Target and Amazon. They can alsodonate
points to donate to charity.
While FamDoo users can only redeem
points for online purchases, the company
is starting to see that kids want options
to redeem at brick and mortar locations,”
Lacek said.
FamDoo users are requesting a
reloadable debit card that kids can use
to redeem their cash-value points offline.
Eighty-six percent of kids would choose
to redeem FamDoo points onto a reloadable debit card, according to a study the
company performed last year.
Several large banks have approached
the company about developing the debit
card product, Lacek said.
Parents can purchase FamDoo Points
with a credit or debit card and can also
convert airline miles into points. The
company has worked with U.S. Bank to
enable parents that are part of the bank’s
FlexPerks loyalty program to transfer their
FlexPoints to their children’s FamDoo ac-
5
count. Five thousand FlexPoints equal $50.
Some parents purchase large amounts
of points up-front, while others purchase points when their children ask to
redeem. The average transaction is $30,
said Lacek.
“We see a range of creative partnerships with the FamDoo platform,” he said,
“to provide rewarding experiences for
both parents and kids; partnerships for
new redemption options like a reloadable
debit card, additional loyalty program
partners to exchange loyalty currencies
to fund FamDoo points, as well as content
partners to bring even more enriching
educational content to our platform.”
Allowance Manager, another allowance
app, started with a Web-based digital cash
ledger but has also received requests to
expand into the physical world by offering
a prepaid debit product. Allowance Manager has about 200,000 users.
“There is definitely an adult trend
to use digital tools to increase personal
productivity,” said Lacek. ■
6
ISO&AGENT
OCTOBER 9, 2014
ISO&AGENT
OCTOBER 9, 2014
TECHNOLOGY
Bluetooth May Boost Multi-Account Cards
Hamstrung by low consumer and merchant
adoption, multi-account cards remain a
product in search of a market. But Stratos
Inc. believes Bluetooth technology could
become the tonic that will lure users.
The Ann Arbor, Mich.-based company
plans a nationwide launch of a branded
Stratos plastic card that will connect to
an app in consumers’ mobile phones
through Bluetooth low energy. Consumers will be able to download all of the
plastic payment and loyalty cards in their
wallets onto the Stratos card.
Stratos, which just received a $5.8
million funding boost from venture capital
investors, “feels good about its position”
because the Stratos card will not require
changes in the payments infrastructure,
said Thiago Olson, CEO of Stratos.
Cardholders will swipe cards through a
point-of-sale terminal reader or put them
into ATMs in the same manner as today’s
mag-stripe cards, Olson said.
Card Has Commanded Attention
Stratos will enter the market with a
product that has already gained attention
through companies like Coin and Dynamics Interactive. But the attention hasn’t
translated into significant consumer or
merchant adoption as of yet.
Coin announced a similar multi-account
reprogrammable payment card in the past
year but was facing shipping delays and
technology changes as product delivery
pushed into next year.
Dynamics Interactive and NXT-ID’s
Wocket wallet seek a similar consumer
experience. Dynamics features a button
on the card that enables consumers to
switch between loyalty and payment
cards, while the Wocket wallet is a standalone hardware device that can store
multiple payment accounts.
Getting the product in front of consumers is only part of the problem for
multi-account plastic cards, said Richard
Oglesby, senior analyst at Double Diamond Payments Research.
“A lot of the challenge associated with
this type of solution is monetization, generating an income stream,” Oglesby said. “Consumers generally aren’t willing to pay for the
card or monthly fees for using a wallet.”
As such, a value proposition to support
card issuers paying for this is lacking,
Oglesby maintained.
“Because there is a mobile app
involved, it’s possible that this could
be monetized by interfacing the app to
merchants, allowing merchants to try to
influence consumer purchase and payment
decisions through the app,” Oglesby said.
Such a move would likely place Stratos
in direct competition with Apple and Passbook, making it a value proposition that
only works with scale, Oglesby said.
Because the Stratos card does not
call for the merchant to make changes
at the point of sale, or for a consumer to
change the habit of swiping a payment card
through a reader, Olson feels his company
will operate from a position of strength.
“We really don’t view Apple, or Apple
Pay, as a competitor,” Olson said of Apple’s
7
new mobile wallet system. “The standard
pitfall of a lot of the mobile wallets out
there is that they are not backwards compatible with the infrastructure that is out
there, whereas our new card certainly is.”
Between Mobile And Wearable
Stratos views itself as right between the
booming industries of mobile payments and
connected, wearable devices such as smart
watches, Olson said. “Apple has already
validated the use of a connected device for
payments with the Apple Watch, and we just
happen to be in the card form factor.”
The company plans to develop a chip-andPIN feature for the card as EMV takes hold
in the U.S., Olson said. “The transition to
EMV is an important issue, but we also have
our sights set on something even more ambitious than that for top-tier security.”
Stratos would be open to discussions
about partnerships with mobile wallet providers but is currently focused on developing the multi-card approach, Olson said.
“The card form factor is a key for us,”
he said. “We are going to have cards with
us for a while, and it is something we are
all used to carr ying around.” ■
8
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OCTOBER 9, 2014
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OCTOBER 9, 2014
9
Guest Column By Greg Weed
Apple Pay Is Upsetting the Cart, But Plastic Cards Will Survive
The debut of Apple Pay
has far-reaching implications for the future of the
U.S. payments system and
has cast a bright light onto
murky mobile wallet payments. Some may even wonder if Apple Pay
is poised to eclipse plastic card payments.
As the digital payment card era unfolds,
we can take a moment to look at the preApple Pay world—as measured in an August 2013 survey of 4,200 households by
Phoenix Marketing International. There
are several reasons why the end of plastic
payment cards is nowhere in sight.
First, only a small percentage of
merchant terminals (estimated at no
more than 5%) currently accept near-field
communication payments, in which two
devices placed at close range perform
transactions via a wireless connection.
Moreover, a significant portion of consumers are wary about the security of
NFC transactions. Twenty-two percent of
smartphone owners who have not used a
mobile payments app said that “tapping a
phone against a merchant terminal” was a
major security concern.
While smartphones are on the rise, they
are not yet ubiquitous: 65% of households
currently own one. That leaves more than
a third of households for whom mobile wallets, in general, are currently not an option.
Apple Pay’s impact will also be limited
by the fact that Android phones are more
prevalent; less than half of smartphone
owners have an iPhone. And nearly half of
smartphone owners say they are unlikely
to use a smartphone application for instore payments. Among users who have
yet to use a mobile payment app, 48% said
that they were uninterested in using one,
38% were neutral, and just 14% said that
they would be likely to adopt it.
Lastly, while Apple enjoys a strong
reputation, some Americans may not be
willing to trust them to facilitate their
transactions. Last year, 22% of smartphone
owners indicated they would consider a
mobile payment from Apple. A similar
number (17%) said they would go with
Google, but banks (72%) and PayPal (41%)
were far more popular picks.
The Apple Pay announcement heralds
the likelihood of substantial increases in
NFC-ready terminals. Because it coincides
with current merchant investments in
EMV-compatible terminals, merchants
are more likely to make sure the upgrades
include NFC compatibility. And Apple Pay’s
fingerprint identification and tokenization
technology will help reduce consumer NFC
security concerns. Nevertheless, there is still
a long way to go before it achieves scale.
Apple Pay brings credibility to NFC and
demonstrates NFC’s viability. That leaves
the door open for other NFC wallets, such
We Are
as Softcard and Google—and for entrants
to increase the competition. But note that
NFC technology is 20 years old. It may be
deemphasized in favor of newer technology.
History suggests that plastic payment
cards will remain viable for a long time,
even as use of digital cards escalates over
the next decade or two. Look at the bill
payments industry: while the incidence of
online bill pay is high, research shows that
it will never reach 100%. And a high percentage of people who pay bills online still pay
some of them using paper checks. When it
comes to payments, old habits die hard. ■
Greg Weed is director of card per formance research for Phoenix Marketing
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ISO&AGENT
OCTOBER 9, 2014
11
Guest Column By Bill Nichols
Cloud Technology Offers The Best Protection for Acquiring Industry
Apple’s headlong dive
into mobile commerce
was universally embraced
by many of us in the
industry. At first glance,
some of the steps Apple
is taking seem like bold affirmations of
recent innovation in the market.
For example, its decision to integrate
NFC chips into its Apple Pay services—
which are embedded in the iPhone 6 and
Apple Watch devices—as a way to facilitate
‘tap-and-go’ payments may just be the impetus needed to propel that technology to
greater mass adoption among merchants.
In addition, Apple announced it would
support EMV in Apple Pay. While not as
glitzy or visually appealing as NFC tapand-go payments, the integration of EMV
into Apple Pay indicates that the inevitable
may be upon us shortly.
After years of conjecture, speculation
and prognostication, the rollout of EMV in
the U.S. is steadily moving forward. The
card brands have not only implied it, they
have said outright that EMV is coming—
and to be ready.
Apple’s move reinforces that belief, so
the time has come for acquirers to ensure
their infrastructure and business practices
facilitate the transition to EMV and support
NFC as well.
From a business standpoint, there’s little doubt that it makes sense for providers
to follow Apple’s lead and support these
technologies. The challenge is how to do
that in a non-disruptive manner, in ways
that preserve the flexibility to support
multiple—and even future—standards,
and with minimal cost.
Merchants hesitate to disrupt operations or jeopardize sales and efficiency
in order to adopt new technology. Furthermore, payment service providers
must overcome the inertia imposed by
the legacy way of doing things, such as
relying on a network of made-for-purpose
terminals that would most likely inhibit the
adoption of new technology.
Merchants will absolutely need to
update endpoint capabilities, and there are
readily available options to make it happen.
One such method to carry merchants
forward is to rely on cloud-based architecture to handle the complexities of different
payment presentation methods, acceptance
options, and processor requirements.
Through these offerings, providers are
finding benefits that include better security
and reliability, superior flexibility, and ease
of delivering new features and services.
For providers and merchants facing the
introduction of NFC and EMV—and its
potential for disruption—the prospect of
using new technology to ease the integration could not come at a better time.
In the cloud, merchants
and acquirers can
comply with industry
standards and adopt
new technology.
The superiority of a cloud architecture
for payments is predicated on a reliable
and flexible gateway that can act as intermediary between thousands upon thousands of terminals and data centers that
manage authentication and processing.
Cloud-based services and the cloud itself
have matured in stability, reliability and security. That’s particularly true in the payments
and mobile commerce markets where the
control and security of sensitive financial and
transactional data are paramount.
The cloud provides universal access to
the best technology, not only for processing payments but also for securing
transactions. Gateways can virtually exist
anywhere—and everywhere—through
the sophisticated diversity and replication
practices of cloud platform providers. That
virtual existence delivers reliability and
security that is difficult, if not impossible,
to attain in dedicated on-premise gateways.
Cloud-based payment gateways deliver a
cost-effective and flexible alternative.
A good gateway can support virtually
any type of payment acceptance endpoint,
including all types and makes of legacy
made-for-purpose dial, IP, and wireless terminals, smartphones, and even browserbased endpoints such as flip phones, and
of course, computer terminals for e-commerce based transactions.
An effective gateway should process
multiple transaction types, including EMV
chip-and-pin and chip-and-signature payments—depending on the geography, NFC
payments, QR codes, and card swipe, which
can originate from legacy terminals or
through magnetic stripe readers connected
to audio jacks on smartphones and tablets.
Cloud-based architecture generally
lends itself to open and flexible models,
but that flexibility has to remain within the
bounds of security.
Responsibility for endpoint security and
compliance is shared between terminal
providers and merchants, but security of
sensitive data in flight is provided by the
gateway. Hosting the gateway in the cloud
provides the reliability and flexibility to deliver effective and secure transactions. All
data, including card numbers and personal
details, are encrypted and secure.
While a flexible and secure gateway is
critical, all the system intelligence actually resides in the cloud—or the secure
data center that serves as the brains of the
operations. Cloud environments exceed PCI
security mandates and seamlessly manage
EMV and NFC.
The cloud offers state-of the-art security,
and has been certified by regulatory agencies and financial institutions. Using the
cloud, acquirers and merchants can comply
with industry standards and adopt new technology whenever it makes business sense. ■
Bill Nichols is president and CEO of AnywhereCommerce.
12
ISO&AGENT
OCTOBER 9, 2014
ISO&AGENT
OCTOBER 9, 2014
13
News Briefs
PayPal’s Split From eBay
Makes Sense, Icahn Says
Investor Carl Icahn, who earlier this year
pushed eBay to make PayPal a separate
company, says he is pleased with eBay’s
decision to do so.
“We are happy that eBay’s board and
management have acted responsibly
concerning the separation—perhaps a
little later than they should have, but
earlier than we expected,” Icahn posted
in Shareholders Square Table, a site affiliated with the investor. “As I have said in
the past and have continued to maintain,
it is almost a ‘no brainer’ that these companies should be separated.”
When Icahn pushed for eBay to split
with PayPal, which it acquired in 2002.
eBay CEO John Donahoe pushed back,
and most payment experts were bearish
on the spinoff. But eBay changed course,
citing its diminishing importance as part
of PayPal’s business. PayPal will become a
separate company by 2015.
Icahn is now pushing for consolidation
among payments companies, led by PayPal.He wrote on his website that he would
use his status as an eBay shareholder to
lobby Donahoe, who is expected to leave
his post as eBay CEO but remain a board
member at eBay and PayPal when the
divestiture is complete. ■
Global Payments Division
Rebranded As ‘OpenEdge’
Global Payments Inc. now calls its integrated solutions division OpenEdge.
The OpenEdge supports new technologies and improves software applications
for developers and their customers, according to a company press release.
OpenEdge serves more than 2,000
technology partners in 60 industries in the
United States and Canada. The platform
supports out-of-scope payments, EMV,
encryption and tokenization.
“Software developers integrating our
payments technology into their applications will see an agile organization with
the full worldwide support of Global
Payments,” Eddie Myers, president of the
OpenEdge division, said in the release.
“We, too, are technology developers and
are deploying secure solutions for a rapidly changing payments environment.”
The integrated solutions division was
formed after Global Payments acquired
PayPros in March and combined it with
Accelerated Payment Technologies, which
Global Payments purchased in 2012. ■
ITS Buys Eagle Processing;
Plans To Expand Business
ITS Equity Group LLC, a Smithtown, N.Y.based private financial services holding
group, has acquired Eagle Processing
Systems of Dallas.
Eagle, a 16-year-old company started by
Bill) McClellan, uses proprietary in-house
software and systems to provide payment and fleet card processing services,
ACH services, risk management software
and other payment-related products and
services to the merchant, banking and
financial services markets, a press release
from the two companies said.
“Over the years, the ownership team of
Eagle has built one of the finest processing
entities in the niche markets it serves,”
said John T. Black, CEO of ITS, in the
release. “We intend to carry on with that
level of quality product and service offerings and expand business throughout the
country and marketplace.”
Black said in the release that Eagle
management has built the company’s
foundation and positioned it for growth.
“Eagle is a firmly established, wellknown and respected organization within
the niche industries it services,” he said.
“Its products and service offerings will
complement ITS’ overall strategic plans allowing the continued growth and positioning of ITS Equity Group in the Merchant
Services and Financial Services space”. ■
MasterCard’s SafetyNet
Guards Against Hackers
MasterCard now offers an anti-fraud tool
called SafetyNet, designed to protect banks
and payment processors against hackers.
SafetyNet uses MasterCard’s global
network to identify potential attacks before
they start and in some cases before the
bank or processor is even aware. MasterCard is using a multi-layered defense to protect the data of issuers, acquirers, retailers
and consumers. The anti-fraud tool monitors different channels and geographies.
“With SafetyNet we are really fast-tracking the next generation of security solutions, which are designed to stop fraud or
attacks before many of our partners have
even noticed it is happening,” Ajay Bhalla,
president of enterprise security solutions
for MasterCard, said in a news release. ■
Cardtronics Buys Welch
To Create Synergy In ATMs
Cardtronics Inc., the Houston-based ATM
owner and operator, has completed its
acquisition of Welch ATM, a retail ATM
services company.
The combined company supports a
global portfolio of 111,150 ATMs, including 93,350 retail ATMs in the United
States, a press release said.
The acquisition brings together
complementary customer bases and sales
teams, positioning Cardtronics to accelerate revenue growth, achieve cost savings
and deliver greater profitability.
Welch ATM CEO Jeff Hewitt has joined
the Cardtronics leadership team as executive vice president, financial institution and
retail sales and relationship management.
“We’re looking forward to integrating
the two companies and delivering greater
value to our customers tsolutions, and
to our shareholders, Steve Rathgaber,
Cardtronics CEO, said in the release. ■
14
ISO&AGENT
OCTOBER 9, 2014
ISO&AGENT
OCTOBER 9, 2014
15
News Briefs
Powa Joins With DataCap
To Ease Mobile Transitio
Mobile payment provider Powa is working
with DataCap Systems to shorten the time
it takes merchants to deploy mobile point
of sale applications, a move the companies hope will provide differentiation in a
crowded marketplace.
Powa’s tablet-based point of sale
system will link to DataCap’s IPTranLT
and PaymentsDrawer product lines,
which will provide independent software
vendors access to almost all payment
processors in North America via a single
interface.
“The partnership with Datacap is the
latest significant step toward our goals
to accelerate adoption of next generation
tablet-based POS and reduce the integration time that has in the past often put
off resellers looking to equip merchant
clients,” said Jeff Dumbrell, CEO of
PowaPOS, in a press release. “By creating this single interface with PowaPOS’
SDK, Datacap’s ISV partners will not only
have instant access to our advanced POS
platform, but also to up-to-date security
and features, so that they can focus on
developing innovative software, and avoid
the costs and hassles of ongoing assessments and certifications.”
Powa, which has been adding services
through partnerships to aid the U.S. EMV
transition has also enhanced its mobile
point of sale offering by adding EMV service and bundled merchant services. ■
Chase Working With Apple
On Developer Webinars
Chase is working with Apple to vet potential developers and merchants after more
than 500 people attended and responded
to Chase’s two live web seminars about its
three Apple Pay developer labs in Columbus, Ohio, Tampa, Fla., and San Francisco.
More than 10 merchants are already
building Apple Pay applications through
access from Chase’s API in the developer
labs. Apple plans to make an Apple Pay update available to the public on the iPhone 6
sometime in October.
“I know it’s working well at restaurants where there’s tipping transactions,”
said Russ Mahy, executive director of
technology at Chase.
Approved merchants receive prereleased Apple devices with Apple Pay
already in the operating system and can
access the open programming tools to
build payment apps. Chase employees
working at the developer labs have also
received pre-released devices.
“Chase employees...have these devices
for testing functionality specifically,” Mahy
said. “We’re not to go into the McDonald’s
here and wave the phone around and
say, ‘Hey, look how cool I am’ ” using the
iPhone to pay.
Early merchants include a deli in Tampa that has integrated Apple Pay through
the Chase Paymentech POS device. ■
Small Business Workbench
Adding Another Function
Small businesses can be hard to reach
with new payments technology, so the
Small Business Payments Co. (SBPC) is
incrementally adding functions in an attempt to ease automation.
Its next play is a prepaid-driven
consumer incentive program that was
slated for release this month.
The program’s linked to SBPC’s Small
Business WorkBench, a platform that has
been gradually been updated with new
merchant services since its release last
year.
“Our job is to build bite-sized apps, or
apps that are easy for small businesses
to implement,” said David Kurrasch, the
vice president and general manager of the
SBPC, the U.S. subsidiary of Acxsys, a
Canadian company that offers debit cards
and is the architect of Interac, Canada’s
national debit scheme. ■
GoDaddy And Stripe
Speed Up Acceptance
GoDaddy is working with online payments
provider Stripe to entice small businesses
to embrace e-commerce by adding faster
credit approval and card acceptance.
The partnership is designed to eliminate the numerous steps and long waiting
periods small businesses endure when
attempting to accept credit card payments
online, the Scottsdale, Ariz.-based GoDaddy said in a press release.
The GoDaddy Online Store with Stripe
will launch this fall for customers in the U.S.,
U.K., Ireland, Australia and Canada. Stripe
will determine instant credit approval for
businesses using the GoDaddy Online Store.
“You shouldn’t have to be a large
enterprise to have a sophisticated payment
infrastructure,” Stripe president John Collison said in the release. “We’re excited to
be working with GoDaddy to deliver an elegant and simple way for small businesses
to accept payments instantly.” ■
Gas Stations Ponder EMV
After Feeling Sticker Shock
Gasoline retailers have three years to
upgrade their pumps to accept EMV chipbased payment cards, but most are having
a difficult time convincing themselves the
cost to do so will be worth it.
The card brands have set October
2015 as the EMV liability shift date for
retail merchants, but fuel companies
have two extra years during a smartcard migration to convert the numerous
pumps involved.
Two years ago, the National Association of Convenience Stores reported the
average card fraud costs at fuel pumps at
each store was about $700 a year, but their
Payment Card Industry security standards
costs were going up to about $2,000 a year.
A 2013 report tallies fraud costs for the
industry at about $250 million a year. ■
16
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OCTOBER 9, 2014
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CHOKE
Continued from page 1
fectively punishing them in lieu of the
actual perpetrators of fraud,” wrote Issa
and Jordan.
The two lawmakers said that “any
FTC policies derived from Operation
Choke Point will have a chilling effect on
honest and legitimate businesses.”
The FTC’s efforts dovetail with Operation Choke Point, a Justice Department-led probe into the role that both
banks and payment processors may have
played in enabling fraud.
“It never has been
the processor’s role
to serve as a backstop
for consumers.”
Jason Oxman,
Electronic Transactions Association
The probe has led to pushback from
the industr y, including acquirers and
trade groups.
A spokeswoman for the House
Oversight Committee did not respond to
requests for comment. Peter Kaplan, an
FTC spokesman, declined to comment.
The FTC has responded in writing to
some concerns raised by House Republicans. FTC Chair woman Edith Ramirez
said in a Sept. 3 letter to Rep. Lee Terr y,
R-Neb., that her agency’s efforts have
focused on processors where there is
evidence of misconduct, and not on the
payment processing industr y as a whole.
Issa’s letter to the FTC echoes concerns raised by people in the payment
processing industr y, who are particularly worried about a new FTC tactic
that opens them to substantial financial
exposure.
In a lawsuit filed July 30, the FTC is
seeking to recover more than $26 million from the payment processing firm
Cardflex.
That’s the total amount of unauthorized
charges made by Cardflex’s former client,
Utah-based iWorks, which is accused of
selling bogus Internet services to consumers, according to the FTC.
Cardflex is accused of helping iWorks
by advising the company on how to employ numerous tactics designed to evade
Visa and MasterCard fraud monitoring
programs. Cardflex and other defendants
in the case have filed a motion to dismiss
the suit.
The FTC’s effort to recover unauthorized charges from Cardflex contrasts
with the approach taken by the Justice
Department in a suit against Four Oaks
Bank.
In that case, which was part of
Operation Choke Point, Four Oaks paid
a $1.2 million penalty, rather than the
amount charged to consumers by alleged
fraudsters, a sum that might have been
substantially higher.
Jason Oxman, chief executive officer
of the Electronic Transactions Association, decried the FTC’s effort to extract
from payment processors money that
was collected by merchants.
“It’s absurd because payment processors don’t actually keep the money that
they process,” he said. “And it’s not the
processor’s role—it never has been the
processor’s role—to ser ve as a backstop
for consumers.”
The line between the DOJ’s Operation
Choke Point and the FTC’s enforcement
17
actions is unclear. The Justice Department’s probe has largely focused on the
role of banks, but it has also resulted in
subpoenas of payment processors.
Meanwhile, the FTC’s efforts seem
focused on payment processors, but have
also dragged in banks, according to Jeffrey Knowles, a partner at Venable.
“While they’re actively bringing
enforcement actions against non-bank
payment processors,” Knowles said,
referring to the FTC, “they’re also using
their subpoena powers to gather information from banks.”
In May, the House Oversight Committee, after collecting hundreds of pages of
documents from the Justice Department
about Operation Choke Point, released
a report that called for the probe’s dismantling.
“If the administration believes some
businesses should be out of business,
they should prosecute them before a
judge and jur y,” Issa said in a news release at the time. “By forcibly conscripting banks to do their bidding, the Justice
Department has avoided any review and
any check on their power.”
Many players in the nation’s financial industr y hoped the congressional
pressure would lead to Operation Choke
Point’s demise.
But as one industr y lawyer said of the
regulator y gambit, “Ever yone’s predicted its death, and it’s sur vived.” ■
People & Promotions
PayPal has hired Dan Schulman as president and eventual CEO.
Larry Drury is joining Vantiv Inc. as chief marketing officer.
First Data Corp. has appointed two of its current executives to new roles: Barry McCarthy will lead four strategic businesses, including the STAR Network, and Sanjiv
Das will head First Data’s international business. The company also has hired Andrew
Gelb to lead the Financial Services business and Adam Rosman as general counsel.
Ben Johnston has joined Strategic Funding Source Inc. as head of strategy and
corporate development.
Merchant Warehouse has hired Ken Paull as chief revenue officer.
18
ISO&AGENT
OCTOBER 9, 2014
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ISO&AGENT
OCTOBER 9, 2014
TECHNOLOGY
invoicing and payroll type services.”
Digital checks have been a ripe space
for startups to innovators, as the big technology companies such as Amazon, Apple
and PayPal work on their own mobile
wallets. Consumers still send billions of
dollars via check, and checks remain inportant for business-to-business payments.
Businesses with large invoices don’t
want to accept a credit card because of the
transaction fees, said Almond. With a 3%
interchange fee, the recipient would be
charged $300 on a $10,000 payment, which
is high compared to fees for an e-check or
automated clearing house payment.
Virtual-currency technology is also getting attention. PayStand is seeing enterprise
and loyalty companies building on top of
Bitcoin’s blockchain system, said Almond.
PayStand’s API enables merchants “to
move money in with the e-check rail, pay
with card networks and store loyalty on
the Bitcoin network,” Almond said.
Before joining the summer’s tests, one
billing company was “building out its work
flow but didn’t want to take on payments
because of the regulatory issues and
contracting the banking,” he said. “But
we provide the core nucleus of everything
they needed.” PayStand also worked with
micropayment and mobile gaming companies during the tests.
PayStand deals with PCI concerns
and tokenizes card data so tmerchants
have a reduced PCI burden. And because
PayStand has partnerships with the top ten
banks in the world, businesses working
with PayStand aren’t actually transferring
the money themselves and thus it isn’t
necessary for them to comply with money
transmitter requirements.
A basic PayStand package with access
to the API costs $299. The company has
packages with var ying prices for startups
and large enterprises. ■
digital data will have vulnerabilities, said
Julie Conroy, senior analyst and fraud
expert with Boston-based Aite Group.
However, fraudsters have not put
much energy into the type of exploit the
researchers demonstrated, Conroy said.
“We’ve haven’t seen a big incentive for
criminals to spend the time and effort to
try to break EMV because the U.S. remains
such a rich and easy target as long as it depends on mag stripe,” Conroy maintained.
The methods revealed at Black Hat
capitalized on vulnerabilities in the device that the industr y could address with
a security patch, Conroy said.
“It will be important for merchants to
be diligent in uploading these patches to
all of their devices that touch payment
card data,” she said.
Reports of weaknesses in EMV
hardware should not discourage U.S.
merchants from preparations for adopting the technology, said Jacob A. Ansari,
a Payment Card Industr y forensic investigator at 403 Labs, the security and
compliance division for Sikich LLP.
“There are a handful of attacks that
focus on EMV transactions or the infrastructure that supports EMV, but it’s
hardly all doom and gloom,” Ansari said.
“There may be imperfections or security
vulnerabilities, but using EMV would
probably drastically reduce card-present
fraud in the U.S.”
Acquirers and merchants must remember that using an EMV card does not mean
all card data is protected from interception,
said Al Pascual, security and fraud senior
analyst for Javelin Strategy & Research.
“It only means that the EMV card itself
cannot be cloned and used to commit fraud
at an EMV terminal,” Pascual said.
Hackers cannot emulate the dynamic
data used for authenticating chip-card transactions, Pascual said, but any static data can
be reproduced on mag-stripe cards.
That said, as EMV spreads in the
U.S., locations where only mag-stripe
cards can be used will become few and
far between, Pascual said, adding that.
“Card breaches at the POS will become
less relevant of a threat.” ■
Paystand Supports Card, E-Checks, Bitcoin
PayStand, an e-commerce gateway for alternative and established forms of payment,
is opening up its application programming
interface (API) to support payments with
credit cards, e-checks and Bitcoin.
The API will enable developers of mobile and e-commerce sites to “re-imagine
financial systems,” said Jeremy Almond,
CEO of PayStand. “Developers can access
[tool sets] from traditional players pretty
easily…but maybe not so much for alternative forms of payment.”
The year-old company has been running tests with developers all summer,
building apps on top of its API to support
different payment networks and types,
with the goal of making payments more
efficient and cheaper for merchants.
“More and more developers are flocking to the e-check rails,” Almond said.
“Developers are building new billing,
UNAFRAID
Continued from page 1
that do not require EMV.
EMV-chip cards are meant to resist
counterfeiting, but they typically include a
magnetic stripe to remain compatible with
older payment systems.
The United States is making the
transition to EMV cards, and the card
networks have set a deadline of October
2015 for most companies.
Under the new method of attack, however, hackers use rogue EMV cards to
install malware on the device, enabling
them to copy details of ever y card it
processes.
The attacker would return later with
another card to extract the information,
the researchers said.
Researchers at Black Hat noted
that, to date, no one has hacked EMV
devices. But if researchers could do it, so
could hackers, they reasoned.
Any payment system that includes
19
20
ISO&AGENT
OCTOBER 9, 2014
NOVEMBER 2-5, 2014
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Enabling Payments & Financial Services
Innovation for Connected Commerce
at the Intersection of Mobile • Retail • Marketing Services • Data • Technology
ISO&AGENT
OCTOBER 9, 2014
VENDORS
Continued from page 1
mix gradually as his company learns the
acquiring channel.
Larger ISOs would make the most attractive partners, Katz said.
He’s also seeking mobile-oriented ISOs
because 86% of the CARD.com signups
come through smartphones.
As for customers, small retail or restaurant chains might have more potential than
single-location businesses, he maintained.
In some cases the company could set
up electronic tablets at the point of sale for
shoppers to use to order the prepaid cards.
Thus far, the company has sold cards
online and through a mobile app, relying
on word-of-mouth, promotions by cobranding partners and paid ads on Google
and Facebook.
The cards often bear the like likeness
of charismatic figures such as James
Dean, Elvis Presley and Big Bird.
Some of CARD.com’s business comes
from payroll cards, Katz said.
“We want to service the 90 million
Americans right in the middle of the
economy,” he said of the company’s overall business.
Its customers, who earn annual income
of $30,000 to $75,000, aren’t rich enough
to qualify for free checking and might occasionally bounce a check.
CARD.com calls them “the unhappily
banked,” to distinguish them from the
less-affluent underbanked.
Forte Seeks More ISOs and Agents
Forte Payment Systems, which got its
start in 1998 as ACH Direct, has a small
sales staff to handle inbound business and
to concentrate on its specialty verticals,
like governmental bodies and agencies,
but most of its merchants sign on through
ISOs and software companies, said Jeff
Thorness, the company’s CEO.
He started the firm as an ACH tech
company, and performs almost all functions on that side of the business, including authorization, settlement and funding.
On the credit card side, it operates a
gateway and does its own underwriting
but relies on processors for front-end
authorization of transactions.
It’s looking for additional ISOs and can
handle ACH and cards for them, Thorness
said. “We love ISOs, and we love to partner
with people,” Thorness said.
Because the company has relationships
with most of the major processors, ISOs
would not need to ad processors to do
business through Forte, he noted.
Since changing its name to Forte in
March of last year, the company has been
upgrading its virtual terminal, reporting
and analytics, and APIs, he said.
Its new approach to tokenization, called
Forte.js, works for cards and ACH while
complying with Payment Card Industry
data security standards and minimizing
PCI scope because the merchant never
touches unencrypted data, Thorness said
“We love ISOs, and we
love to partner with
people.”
Jeff Thorness,
Forte
At the same time, developers control the
look and feel of their application, he noted.
Forte Checkout, another offering,
works with or without a wallet, either
retaining and tokenizing data or calling
upon consumers to re-enter information on
subsequent visits to the site. It’s for cards
and ACH, Thorness said.
The company overlays such products
onto merchants’ sites, and thus does not
need to redirect visitors to other sites,
he said.
A new version of its approach to bill
payment could become available early next
year. A “Kickstarter” promotion is offering
new developers or merchants free processing worth $100,000, Thorness said.
Verifi Wants More Distribution
Verifi, which was launched nine years
ago, began working with ISOs and other
resellers two years ago to promote one
21
of its products, the Cardholder Dispute
Resolution Network, or CDRN, said Tony
Wootton, senior vice president and chief
revenue officer.
“Our focus is managing chargebacks,
and our flagship product is focused on
mitigating chargeback risk,” Wootton said.
Chargebacks, the name for refunding a
consumer’s funds when he or she disagrees with a credit card charge, reduce
merchants’ revenue and can damage
customer relationships, he noted.
Disgruntled consumers contact the
card issuer about 86% of the time when
they want their funds back, Wootton
said. They seldom approach the merchant, he added.
That phone call or online chat sends an
automated impulse to Verifi, which then
alerts the merchant to the problem by
posting them to a computer portal.
That gives the merchant the opportunity to refund the customer directly
or allow the chargeback to go through
the system and fight it later. Merchants
can have the system customized to fall
in line with rules they specify, such as
return the funds if for disputes of under
a certain dollar amount.
ISOs can use their familiarity with
their merchants to “pre-qualify” accounts, Wootton said.
ISOs mark up the alert fee that Verifi
charges merchants each time a potential
chargeback occurs. The company charges a range of fees per alert, depending
upon volume and other factors. Fees typically come to about $40 per alert.
“We’re seeing exponential growth in
the channel because ISOs talk to ISOs,”
he said.
The Cardholder Dispute Resolution
Network works for large and small merchants, Wootton noted.
Merchants can integrate the ser vice
with their IT systems or choose a portalbased approach that doesn’t require
integration, he said.
The alerts are virtually all accurate
because they’re not initiated unless a
consumer complains, Wootton noted.
The process kicks in immediately when
the dispute arises, giving merchants as
much time as possible to react. ■
22
ISO&AGENT
OCTOBER 9, 2014
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Advertiser Index
TSYS.............................................................2
Harbortouch................................................3
CashCall......................................................4
USA ePay..................................................... 5
@Pay............................................................6
PCI Compliance.......................................... 7
Clearent, LLC ..............................................8
eProcessing Network, LLC.........................9
Central Payment....................................... 10
Electronic Merchant Systems.................. 12
PAX............................................................. 14
United Merchant Services........................ 16
Priority Payment Systems....................... 18
Money20/20.............................................20
ISO&Agent................................................22
ISOandAgent.com....................................24
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OCTOBER 9, 2014